Succession Planning: Playing the long game
Family members may have to change their approach to their businesses in order to adapt to the times we live in, writes Margaret O'Brien.
These are challenging times for most family-owned and family-run businesses across Ireland and, while the current focus may be to concentrate on survival, most know that the issue of succession will have to be considered and dealt with notwithstanding the pressures of everyday business.
Declan O'Hanlon, tax partner with audit, tax and advisory Firm RSM Farrell Grant Sparks said that the earlier the better when dealing with succession issues. "Circumstances differ: some family business owners...
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